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1. Emily is single and has no dependents. She submits to you the following transactions for 2021: $90,000 Salary Interest income on bonds- $4,000 Issued
1. Emily is single and has no dependents. She submits to you the following transactions for 2021: $90,000 Salary Interest income on bonds- $4,000 Issued by City of Nashville 5,000 9,000 Issued by Chevron Corporation 5,000 Alimony received (she divorced in 2019) Child support received Proceeds from serving on the jury 20,000 1,000 50,000 Gift from Uncle Roscoe 15,000 Bank loan obtained to pay for car purchase 17,000 Deductions classified as itemized deductions 5,000 Contribution to Individual Retirement Account What is her Gross Income? What is her Adjusted Gross Income? What is her taxable income and tax liability assuming that she files as single and has no dependents? Compute her average tax rate and her marginal tax rate.
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